The Union Cabinet today approved the
proposal for extending the scheme of interest subvention of
1% on housing loans upto Rs.15 lakh where the cost of the
house does not exceed Rs.25 lakh for the year 2012-13 and to amend the
operational part of guidelines for release of funds.
A budgetary provision of Rs.400 crore has been made for
Financial Year 2012-13 for implementing the scheme.
Consequent upon
the extension of scheme, the limit of subsidy for an individual borrower would
be Rs.14912 for a loan of Rs.15 lakh and Rs.9925 for a loan of Rs.10 lakh.
The extended
scheme will benefit all house loans availed in Financial Year 2012-13.
Background:
The original
scheme of 1% Interest Subvention on Housing
Loans upto Rs.10 lakh, provided
the cost of the housing unit does not exceed Rs.20 lakh was approved by the
Cabinet in September, 2009. The scheme was revised by liberalizing the limit of
housing loan upto Rs.15 lakh where cost of house does not exceed Rs.25 lakh in
financial year 2011-12 which was approved by the Cabinet in October 2011. The
scheme is further extended for another year that is financial year 2012-13.
National Housing Bank (NHB) is the nodal agency for implementing the scheme
both for Scheduled Commercial Banks and Housing Finance Companies.
Source: PIB
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